Creating a Project Scorecard

A project scorecard generally helps in identifying the outcome of the project - finding out the various parameters on which the project has been able to deliver. Ideally it should be created when the project is kicked off (after you have a project charter and initial scope statement) to have the true value.

The easiest way to go for it is in a black and white manner, i.e., asking your project sponsor or customer. It translates to a simple yes or no. However, it may not be a right approach considering a number of factors involved in a project - time, cost, effort, quality, customer satisfaction, training and development of resources, meeting organizational goals etc.

Rather, it is better to take a systematic approach while creating a project score card. Following steps can be taken up.

1. Identify the scorecard perspectives:

It can be from financial, customer, process, training and development of the resources, meeting the strategic goal of the organization etc.

2. Identify the success criteria for them:

The success criteria will be based on the above perspectives. This can be from an internal viewpoint or an external viewpoint. Also, if you have defined in a scaling system of 1 to 5, in that case you may want to have a minimum score of 3.7 or 4 for your success criteria.

3. Assign the needed metrics:

Metrics can be directly quantifiable metrics or indirect metrics. You should have a balanced approach here. Like only adding the schedule or scope metrics will not be helping the actual score card of the project.

4. Prioritize:

Here you assign the priority to the individual metrics that you have collected and may decide to leave some of them. The priority can be critical, major, minor or in a scale of 1 to 5.

5. Define and set the Target:

You need to define and set the target for each of the metrics from different perspectives - +/-10% variation in budget or scope, more than 80% members are certified in a certain technological aspect etc.

6. Assign Owner for each perspective:

This adds accountability to the work. Like delivering on time, budget etc are the responsibilities of the project manager.

7. Identify your resource background:

From what resources you have achieved the conclusion on the metrics of various perspectives.

Finally this can be plotted in a table and can be maintained for future references.

Here is a sample scorecard from MS Project 2007.


Data Credit - MS Office
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